Search results for "liberalization"
showing 10 items of 55 documents
The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data
2018
We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flowsâfinancial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequalityâthat is, they pose an equityâefficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where libera…
Financial Globalization, Fiscal Policies and the Distribution of Income
2020
This paper provides evidence that financial globalization—liberalization of the capital account—makes income distribution more uneven by raising the share of income that goes to the richest income deciles. We also offer evidence that changes in domestic fiscal policies in the aftermath of financial globalization are one channel through which these distributional effects could occur. Specifically, we show that episodes of capital account liberalization are followed by greater fiscal consolidation and reduced fiscal redistribution, both of which lead to increased inequality.
Deregulation, liberalization and consolidation of the Mexican banking system: Effects on competition
2011
Este articulo analiza la evolucion de la competencia en el sistema bancario Mexicano en el periodo 1993-2005, periodo de desregulacion, liberalizacion y consolidacion del sector. Para ello se utilizan dos medidas de competencia derivadas de la teoria de la Organizacion Industrial: el indice de Lerner y el estadistico H de Panzar y Rosse. La evidencia empirica no permite rechazar la existencia de competencia monopolistica. El indice de Lerner muestra una disminucion en la rivalidad competitiva en el mercado de los depositos y un incremento en el mercado de los prestamos, observandose una estrategia de subsidiacion cruzada entre ambos mercados. Los resultados obtenidos cuestionan la efectivid…
Scope of Negative Integration: A Comparative Analysis of Post, Public Transport and Port Services
2014
There is extensive literature that explains how liberalization policy deepens and widens. In the literature of European integration such reform is commonly considered to be the result of a bias towards liberalization in the treaties, thereby giving the European Commission and the European Court of Justice wide-ranging leverage to enforce such reform. However, such approaches have been criticized for being de-politicized – for failing to understand the conflicts inherent in controversial policies. It is therefore of interest to explore the scope conditions of this constitutional bias assumption in areas where liberalization policy is disputed. This article analyzes the EU decision-making pro…
Managing the liberalization of Italy’s retail electricity market: a policy proposal
2017
Italy’s 2015 Annual Competition Law2 provides for phasing out electricity retail prices regulation by July 1st, 2019. Under the current regulatory framework, compliant with the EU regulations,3 all electricity customers are free to choose their preferred supplier. However, residential customer and small and medium enterprises (SMEs)4 retain a right “not to choose”, in which case they are supplied by the local distribution system operator (DSO)5 at a price set by the regulator. This (transitional) scheme, known as “maggior tutela” or “greater protection”, has been in place since July 1st, 2007 . Full liberalization of retail electricity markets is strongly advocated by the EU Commission, as …
Applicational Aspects of a New Diagnostic Methodology for Fault Location in MV Networks: Problems, Solutions and Improvements
2005
The electrical energy market liberalization has encouraged utilities to make new investments at distribution level so as to attain higher quality levels. Service continuity is one of the aspects of greater importance in the definition of the quality of the electrical energy, for this reason, the research in the field of faults diagnostic for distribution systems is spreading ever more. The Authors have just developed a new methodology for diagnostic management of automated distribution systems. The technique is based on the use of circuital models of the electrical system resulting from the composition of quadripoles. In this paper, after a brief description of the proposed approach, the is…
When trade unions succeed: Cases of blocked liberalisation in the common market
2014
Despite the generally accepted weakness of trade unions at the European Union level, an analysis of two high profile cases - the Services Directive and the Port Directive - shows that trade unions are able to mobilise effectively at the European level and, within constellations of actors, crucially impact EU decision making. In contrast to common claims that a lack of access to EU institutions makes such groups powerless, it is argued here that the exclusion of large opposing societal groups from consultations is neither a quick nor a sure fire recipe for dismantling opposition.On the contrary,it politicises the process and may lead to opposing groups mobilising in more contentious ways.
The Housing Cycle: What Role for Mortgage Market Development and Housing Finance?
2019
AbstractWe use duration analysis to assess the impact of securitization, mortgage sector liberalization and government involvement in housing finance on the length of housing booms, busts and normal times in a panel of 20 OECD countries over the period 1970Q1-2015Q4. Our results reveal that a move towards a more liberalized mortgage sector is associated with longer housing booms, while an increase in securitization is linked with shorter housing busts. They also show that the length of housing booms and busts is particularly sensitive to housing finance characteristics, but that does not seem to be the case for normal times. Additionally, government support measures do not necessarily cushi…
Stock Return Volatility on Scandinavian Stock Markets and the Banking Industry: Evidence from the Years of Financial Liberalisation and Banking Crisis
1999
This paper investigates the evolution of the (conditional) volatility of returns on three Scandinavian markets (Finland, Norway and Sweden) over the turbulent period of the past decade, namely the overlapping periods of financial liberalisation, drastically changing macroeconomic conditions and banking crisis. We find that even over this relatively turbulent period volatility is in most cases successfully captured by past volatility and shocks to past volatility, ie by a (symmetric) GARCH process. In each country banking crisis has induced regime shifts in (unconditional) volatility. We also find evidence for cross-country volatility spillovers during the banking crisis episodes. The estima…
The distributional effects of capital account liberalization
2018
Abstract Episodes of account liberalization increase the Gini measure of inequality, based on panel data estimates for 149 countries from 1970 to 2010. These episodes are also associated with a persistent increase in the share of income going to the top. We investigate three channels through which these impacts could occur. First, the impact of liberalization on inequality is stronger where credit markets lack depth and financial inclusion is low; positive impacts of liberalization on poverty rates also vanish when financial inclusion is low. Second, the impact on inequality is also stronger when liberalization is followed by a financial crisis. Third, liberalization seems to alter the rela…